As per the General Arab Insurance Federation’s (GAIF’s) rules, Oman as the hosting country for this year’s general conference will assume the presidency of the GAIF for the next two-year term which lasts until the next gathering of the organisation in 2026.
At the end of the 34th GAIF General Conference, the board of directors announced a number of recommendations to be adopted for the next period, most of which emphasised developing the organisation’s corporate governance structure and forging a progressive outlook that focuses on leveraging the technological standards in the future.
The next General Arab Insurance Federation (GAIF) General Conference – the 35th - will be held in Jordan in 2026. The board of directors of the GAIF took the decision during the organisation’s conference in Muscat last month.
Gross written premium (GWP) in the GCC insurance market is projected to grow at a CAGR of 5.3% reaching $44.4bn by 2028, said UAE-based investment banking advisory firm, Alpen Capital, in its latest “GCC Insurance Industry” report.
At its annual winter meeting in London, the International Union of Marine Insurance (IUMI), confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area.
Growth in the insurance market in Egypt is expected to slow in 2024, coinciding with many economic challenges and problems, in particular, inflation and the exchange rate, according to insurance expert Ahmed Ibrahim.
The Financial Regulatory Authority (FRA) has stressed to insurance companies that they have to install a system to record calls or meetings, video and/or audio with clients.
Insurance companies have reached an agreement with the Jordan Medical Association (JMA), in cooperation with the Ministry of Health and the Central Bank of Jordan to resolve a dispute related to doctors’ fees and confirm the parties’ commitment to implementing the agreed-upon protocol.
CRMI (Corporate Risk Management Institute), IRM London (Institute of Risk Management) and ESA (École Supérieure des Affaires) Business School, have announced the launch of the second cohort of their joint Certificate in Risk Management for Insurance and Reinsurance Professionals.
A parametric insurance pool brokered by Gallagher Re has paid compensation of $275m to Morocco’s Solidarity Fund against Catastrophic Events (FSEC), relating to the September 2023 magnitude 6.8 Al Haouz earthquake.
Rapid economic growth, ongoing infrastructure projects and improved geopolitical conditions are expected to fuel the growth of Qatar’s insurance market at a CAGR of 4.8% from $2.0bn in 2023 to $2.5bn in 2028, says UAE-based Alpen Capital in its latest “GCC Insurance Industry” report released last week.
Saudi Arabia is projected to continue to be the largest insurance market in the GCC by GWP, reaching a market share of 42.6% by 2028, according to UAE-based investment banking advisory firm, Alpen Capital, in its latest “GCC Insurance Industry” report.
Following the massive 6 February earthquakes centred on Kahramanmaras Province in 2023, the amount of cash support provided to earthquake victims reached TRY105.46bn ($3.46bn), according to information from the Ministry of Treasury and Finance.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has published a circular to regulate the working procedures and principles of the Traffic Offer Platform established under the Insurance Information and Monitoring Centre.
Dubai recorded more than 44m health insurance claims in 2023, up from 100,000 per month in 2013, according to a government statement.
Emirates Insurance Association health insurance committee chairman Abdel Muhsen Jaber, has said that health insurance covers cosmetic surgery costs if such surgery is due to a medical condition or a chronic disease that affects the health of the insured.
Global
The Association for Cooperative Operations Research and Development (ACORD), the standards-setting body for the global insurance industry, last month announced the establishment and inaugural meeting of the ACORD Global Advisory Council (GAC).
The International Union of Marine Insurance (IUMI) confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area, according to a press release the organisation issued following its annual winter meeting in London last February.
Zurich-headquartered Swiss Re has reported a net income of $3.214bn and an ROE of 22.3% for the full year 2023, compared with a net income of $472m and an ROE of 2.6% in 2022, according to statements released by the reinsurer.
Takaful
Newly established operator El-Djazair Takaful has posted contributions exceeding DZD76m ($565,000) in 2023, announced El-Djazai Takaful CEO Mahfoud Ziane Bouziane to the news agency Algeria Presse Service. He said that in 2023, the company “was able to gain the trust of more than 2,100 subscribers”.
Growth in Indonesia’s shariah-compliant insurance industry is forecast to be stagnant over the next three years. As it becomes more structured under various new regulations, the sector is predicted to grow significantly in the fourth year.
The new equity requirements for Indonesia’s takaful and retakaful sector will encourage healthy competition and spur consolidation, said Fitch Ratings, with some weaker operators likely to fall short of the requirements.
The Malaysian Takaful Association (MTA) aims to double takaful penetration to 40% in four years from the current 20% under the Hijrah 2027 Strategic Plan.
FWD has introduced two new takaful plans for members under Malaysia’s Employees Provident Fund (EPF).
Qatar listed takaful operators have reported promising results in the past year, according to disclosures filed on the Qatar Stock Exchange.
First United Takaful Insurance Company has started operations, launching Islamic insurance services in Tanzania. The operator is the second in the country to receive a licence for providing takaful services.
Watania International Holding (WIH) has posted a net profit of AED13.8m ($3.8m) for 2023, turning around from a net loss of AED53.1m in 2022, according to the company’s preliminary consolidated financial results for 2023.
Islamic Arab Insurance Company (SALAMA) has announced its preliminary results for the 2023 fiscal year. The company recorded insurance revenue of AED1.11bn ($302m), an increase by 20% from 2022, according to a press release SALAMA has issued last month.